文 | 张阳阳 值得一提的是，值得注意的是，安泰集团从9月30日每股2.26元，11月17日涨至每股6.89元，实现翻倍上 涨。近日，已连续6个交易日下跌，累计跌幅达到12.91%，后续是否会继续下跌，投资者还需企业动态 及相关行业政策。 12月30日收盘，上证指数平收，深证成指涨0.49%，创业板指涨0.63%，北证50指数跌0.4%，沪深京三 市成交额21612亿元，较上日放量36亿元。 上涨个股涨幅均低于5%，其中仟源医药上涨2.16%，科达自控上涨1.43%，广誉远上涨0.61%，永东股 份上涨0.14%。 下跌个股中，领跌股锦波生物跌幅为6.06%。此外，科新发展、华阳新材、壶化股份和跨境通跌逾2%； 华阳股份、安泰集团、潞化科技等14只个股跌超1%；山西高速、晋控煤业、通宝能源等17只个股跌幅 在1%以下。 山西板块30日下跌1%，跑输上证指数，成交额81.99亿元，反映区域市场活跃度不足。 涨跌情况方面，山西板块41只个股，4只上涨，36只下跌，1只平盘，上涨个股仅占比不到一成。 ...

发布仪式展现了10位"齐鲁最美科技工作者"的先进事迹，将激励全省广大科技工作者为实现高水平 科技自立自强，奋力开创新时代社会主义现代化强省建设新局面贡献智慧和力量。（记者 王亚楠） 12月27日晚，由省委宣传部、省科协、省科技厅、大众报业集团、山东广播电视台联合主办的2025 年"齐鲁最美科技工作者"发布仪式在济南举行。 10位"齐鲁最美科技工作者"分别是：海尔集团CTO，国家高端智能化家用电器创新中心总经理王 晔；山东第一医科大学第一附属医院（山东省千佛山医院）院长，主任医师、教授田辉；中国石油大学 （华东）石油工程学院教授孙宝江；中国海洋大学物理海洋教育部重点实验室副主任、教授陈显尧；山 东临工工程机械有限公司副总经理、总工程师迟峰；山东农业大学园艺科学与工程学院副院长、教授李 媛媛；万华化学集团股份有限公司技术开发中心主任，研究员级高级工程师尚永华；济南大学生物科学 与技术学院院长、教授秦晓春；山东大学晶体材料全国重点实验室主任、新一代半导体材料集成攻关大 平台主任、教授徐现刚；烟台毓璜顶医院耳鼻咽喉头颈外科医工交叉创新转化团队。 ...

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The A-share market is in a high-level oscillation, and the bond market has narrow fluctuations. The A-share market may continue to oscillate at a high level in the future. It is recommended to pay attention to investment opportunities in directions such as satellites, chemicals, new energy, photovoltaics, chips, computing power, and artificial intelligence. The bond market may continue to have narrow fluctuations, and the 10-year Treasury bond yield above 1.80% has allocation value. The gold price is expected to maintain a strong oscillation trend [3][12]. Group 3: Summary of Market Performance Stock Market - U.S. stock indices showed mixed performance, with the Nasdaq up 0.48%, the S&P 500 up 0.10%, and the Dow Jones Industrial Average down -0.67%. The Nasdaq China Technology Index fell -1.96%. The Hang Seng Index dropped -1.10% [3]. - Most A-share sectors declined, with the Wind All A Index down -0.15%. Among them, the CSI A100, CSI 300, and CSI 1000 decreased by -0.82%, -0.28%, and -0.56% respectively, while the CSI 2000 and Wind Micro-cap stocks increased by 0.30% and 3.12% respectively. In terms of sector style, Shanghai blue-chips rose while growth stocks fell, and Shenzhen blue-chips and growth stocks both declined. The North Exchange 50 Index decreased by -0.13%. In terms of industry performance, 20 out of 30 CITIC industries rose, with the leading sectors being commerce and retail and catering and tourism, with a weekly increase of more than 4.0%. ETFs related to tourism, satellites, aerospace, and chemicals also performed well, with a weekly increase of over 4.0% [4][5]. Bond Market - China's Treasury bond yields declined slightly. The 10-year Treasury bond futures contract rose 0.15% compared to December 12, 2025. The yield of the 10-year active Treasury bond decreased by 0.88 BP to 1.8308%. Yields of all maturity varieties decreased [6]. - U.S. Treasury bond yields mostly declined, and the yield curve became flatter. As of December 19, 2025, the 10-year U.S. Treasury bond yield decreased by -3 BP to 4.16%. Only the 6-month maturity yield increased, while the rest decreased [8][9]. Currency Market - The U.S. dollar strengthened, and the RMB appreciated against the U.S. dollar. The U.S. dollar index rose 0.32%. The U.S. dollar against the euro, pound, and yen changed by 0.25%, -0.07%, and 1.16% respectively. The U.S. dollar against the offshore and onshore RMB exchange rates decreased by 0.28% and 0.20% respectively [10]. Commodity Market - Gold and silver prices generally rose. London gold spot prices fell 0.22% to $4337.60 per ounce, while COMEX gold futures prices rose 1.19% to $4354.00 per ounce. Domestic gold prices rose, with Shanghai gold spot up 1.17% to 975.51 yuan per gram and futures up 1.10% to 977.88 yuan per gram. London silver spot prices rose 1.98% to $65.79 per ounce; COMEX silver futures prices rose 9.39% to $66.79 per ounce. Domestic silver prices showed term differentiation, with Shanghai silver spot up 3.08% to 15359 yuan per kilogram and futures down 4.40% to 14811 yuan per kilogram [11]. Group 4: Other Market Conditions - Capital prices showed mixed trends. As of December 19, 2025, R007 rose 0.73 BP to 1.5148%, and DR007 decreased 2.78 BP to 1.4413%, with the spread between the two widening. The central bank's open market operations had a net injection of 190 billion yuan [7].

Group 1: Dividend Index Changes - The recent rebalancing of the dividend indices, including the CSI Dividend and Low Volatility Dividend indices, indicates a shift towards "quality dividend" assets, reflecting a trend from traditional dividend assets[2] - The number of stocks added to the CSI Low Volatility Dividend index was 18, while the CSI Dividend index saw 20 stocks added, showing a higher turnover rate in the Low Volatility Dividend index[20] - The weight of quality dividend assets has marginally increased in the Low Volatility Dividend index, suggesting a transition towards quality-focused investments[6] Group 2: Sector and Dividend Yield Changes - New sectors such as healthcare, non-metal materials, and public utilities have been added to the indices, indicating a diversification of included industries[6] - The weight of stocks with dividend yields between 5% and 8% has significantly increased in the CSI Dividend index after adjustments[7] - The CSI Low Volatility Dividend index has also seen a notable increase in the proportion of stocks with dividend yields above 5%[30] Group 3: Market Conditions and Investment Strategy - The report suggests that in a declining interest rate environment, bond-like and stable dividends are more beneficial, while quality and cyclical dividends perform better in a rising interest rate and liquidity phase[8] - The analysis indicates that the quality dividend assets are better suited for a stable or rising interest rate environment, enhancing their investment appeal[36]

文 | 张阳阳 12月18日，A股三大指数涨跌不一，截至收盘，上证指数涨0.16%，深证成指跌1.29%，创业板指跌 2.17%；北证50跌0.51%。沪深两市成交额约16554.83亿元，较前一个交易日缩量约1556.63亿元。全市 场2845只股票上涨、2416只股票下跌，其中73只涨停、8只跌停。 山西板块18日整体表现温和上涨，涨幅为0.1%，成交额为77.29亿元，较前一日成交额80.85亿元，有所 下降。 涨跌情况，板块41只个股，22只上涨，17只下跌，2只平盘。 此外，山西焦化、山西焦煤和同德化工（维权）涨幅在2%以上；潞安环能、永东股份、仟源医药等8只 个股涨逾1%；ST太重（维权）、亚宝药业、金利华电等10只个股小幅上涨。 下跌股中，科新发展以7.89%的跌幅领跌；大禹生物、锦波生物和科达自控跌逾2%；北方铜业、壶化股 份、派林生物和华翔股份跌超1%；跨境通、山西证券等9只个股小幅下跌。 值得注意的是，领跌股科新发展，前一交易日以10.04%的涨幅领涨，领涨变领跌，投资者需持续关注 市场整体变化及相关政策。 MACD金叉信号形成，这些股涨势不错！ 上涨股中，安泰集团为领涨股，上涨4.59% ...

市场策略丨深度报告 [Table_Title] "十五五"产业趋势篇：科技、国内大循环、战 略安全 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] "十五五"规划建议立足于"十四五"成就，衔接 2035 年远景目标，形成承前启后、接续奋 斗的发展脉络。产业布局上，"十五五"规划以科技创新为核心驱动力，激活超大规模市场潜力 打通国内大循环，将战略安全作为底线保障，实现高质量发展。1）科技创新聚焦自立自强，加 强原始创新和超前布局未来产业，构建未来发展新引擎；2）国内大循环主要通过建立全国统一 大市场与大力提振消费激活内生动力，为经济增长打下坚实的内在支撑；3）战略安全方面重点 围绕产业安全、国防安全、贸易安全三大领域构建安全屏障，国家安全体系和能力进一步加强。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 28 [Table_Title "十五五"产业趋势篇：科技、国内大循环、战 2] 略安全 [Table_Summary2] 科技 ...

Price Performance - CPI shows a continuous decline in pork prices, while fruit and vegetable prices are on the rise, with a recent increase of 0.71%[2] - PPI indicates rising prices for crude oil and non-ferrous metals, with WTI prices increasing by 4.39%[2] Domestic Macro - Demand Side - Consumer demand is slightly cooling, with retail sales of passenger cars declining by 3.8% year-on-year[3] - External demand is also weakening, as indicated by a 16.9% month-on-month drop in the Baltic Dry Index (BDI)[3] Domestic Macro - Production Side - Production continues to decline, with a decrease of 1.53 percentage points in the industrial production index[3] - Real estate and infrastructure investment is also on a downward trend, with a decline of 2.46 percentage points[3] Fiscal Policy - The fiscal policy for next year is expected to remain proactive, with a focus on stimulating economic growth[4] - The recent Central Economic Work Conference has set a relatively positive tone for future economic policies[4] Monetary and Liquidity Conditions - The yield curve for government bonds has slightly shifted downwards, indicating a potential easing of monetary policy[4] - SHIBOR rates have shown minor fluctuations, with the 7-day SHIBOR at 1.4510%, up by 4 basis points[4] International Macro and Market - The Federal Reserve has lowered interest rates by 25 basis points, with a dovish tone from Chairman Powell[4] - Market expectations indicate a potential for further rate cuts, with probabilities for rates below 2.5% increasing significantly[4]

近年来，广西深入实施"一区两地一园一通道"任务，成立由自治区主要领导担任组长的产业园区发展工 作领导小组，整合设立自治区园区办和各市园区管理机构，出台一系列配套文件，完善园区工作机制， 健全园区改革发展领导体系、组织体系、政策体系、工作体系。 广西壮族自治区产业园区改革发展办公室(以下称广西园区办)副主任(正厅级)吴浩岭当天在发布会上介 绍，上述举措进一步优化了园区管理机构，推动人事薪酬制度改革，激发园区发展活力和干部队伍干事 创业动力。该办还会同广西市场监管局、工商联等相关部门创新推出广西市场监管服务监督卡，向园区 各类经营主体提供便利、高效、优质的服务。 承接转移打造面向东盟产业枢纽 广西工业和信息化厅副厅长赵恩江介绍，在持续深化拓展与东盟国家产业合作方面，广西发挥沿边临港 的政策资源优势，重点承接面向东盟的产业转移，加快构建"东部研发+广西制造+东盟市场""海外原材 料+广西精深加工+国内外市场"等跨区域跨境产业链供应链。过去5年，已有中伟、桐昆等近200家龙头 企业选择在广西建设面向东盟的进出口制造基地。 中新网南宁12月11日电(记者杨陈)"十四五"期间，广西另辟蹊径，按照"区位相邻、产业相近、集约 ...

Core Insights - The Jiangsu Provincial Committee has officially released recommendations for the 15th Five-Year Plan, emphasizing the enhancement of strategic emerging industries such as new generation information technology, new energy, new materials, biomedicine, and high-end equipment [1][2] Group 1: Industry Development - The plan aims to cultivate new growth engines in aerospace and low-altitude economy while maintaining a strong manufacturing sector [2] - It emphasizes the need for traditional industries to upgrade and for the development of strategic emerging industries, ensuring a balanced approach [2] - The focus is on high-quality development of key industrial chains and strengthening traditional industries like metallurgy, chemicals, textiles, and machinery [2] Group 2: Technological Innovation - The recommendations call for significant breakthroughs in core technologies in fields such as integrated circuits, high-end instruments, and biomanufacturing [4] - There is a push for a comprehensive innovation system that integrates technology and industry, with a focus on establishing a network of laboratories to support research and development [4] Group 3: Digital Economy - The plan includes initiatives to deepen the development of a digital economy, aiming to create a national digital economy innovation development pilot zone [5] - It emphasizes the importance of artificial intelligence and its integration into various sectors, promoting a comprehensive digital transformation [5] Group 4: International Cooperation - The recommendations advocate for high-level openness and the establishment of a two-way open hub to enhance international cooperation and resource allocation [7] - There is a focus on expanding trade and investment, promoting new business models, and enhancing the service system for foreign investment [8] Group 5: Future Industries - The plan encourages the exploration of future industries such as third-generation semiconductors, hydrogen energy, and quantum technology, aiming to transform these into productive forces [3] - It highlights the need for innovative regulatory approaches and investment mechanisms to support the growth of these industries [3]

Core Viewpoint - Chongqing Sansheng Industrial Co., Ltd. is undergoing a capital reserve conversion to increase its share capital as part of its restructuring plan, which has been approved by the court [4][5][6]. Group 1: Capital Reserve Conversion - The average price for the capital reserve conversion is set at 4.28 yuan per share, with adjustments to the opening reference price based on the stock's closing price on the registration date [2][15]. - The stock's closing price on December 8, 2025, was 4.85 yuan per share, which is higher than the average price, necessitating an adjustment to the opening reference price for December 10, 2025, calculated to be 4.64 yuan per share [3][16]. - The total number of shares before the conversion is 432,000,000, and the conversion will increase the total shares to 684,102,041, with 252,102,041 shares being issued [6][10]. Group 2: Debt Settlement and Investor Involvement - Of the newly issued shares, 160,000,000 shares will be allocated to introduce restructuring investors, including Hebei Jiheng Group, which will become the controlling shareholder [6][7]. - The restructuring investors are required to provide a cash payment of 254.2 million yuan for the shares, with specific allocations for each investor [6][7]. - An additional 92,102,041 shares will be used to settle debts with ordinary creditors through a share-for-debt arrangement [9]. Group 3: Restructuring Process - The court approved the restructuring plan on November 21, 2025, allowing the company to enter the execution phase of the plan [5][6]. - The stock will be suspended for one trading day on December 9, 2025, and will resume trading on December 10, 2025 [11]. - The restructuring plan includes provisions for the management of the company by appointed professionals and outlines the financial support to be provided by the new controlling shareholder [4][7].